Russia says wider cooperation arrangement with OPEC could be indefinite

Russian Energy Minister Alexander Novak said that an arrangement under which Moscow cooperates with the OPEC oil group could become indefinite once a current deal to curb oil production expires in the end of the year. Russian Energy Minister Alexander Novak waits before a meeting of Russian President Vladimir Putin with Qatar’s Emir Sheikh Tamim bin Hamad al-Thani at the Kremlin in Moscow, Russia March 26, 2018. REUTERS/Sergei Karpukhin The Organization of the Petroleum Exporting Countries and other large oil producers led by Russia have agreed to curtail their combined output by around 1.8 million barrels per day until 2018-end in order smooth out bloated oil inventories. Many market participants have worried about what will happen to the oil market once the deal runs its course. “This could be an indefinite agreement,” Novak told reporters, referring to future cooperation with OPEC once the current deal expires. […]